CONGLOMERATES: Trimming a Colossus

Near the end of every month, 100 top
executives from the global empire of Harold S. Geneen, chairman and
president of International Telephone & Telegraph Corp., gather in his
Manhattan headquarters for one of the best-known staff meetings in the
business world. In the near future, however, there could be a
significant drop-off in attendance. At the behest of the Justice
Department, ITT has agreed to divest itself of six important companies.

Subject to court approval, the parts to be severed are the Canteen
Corp., Grinell Corp.'s fire protection division, Avis (Rent a Car)
Inc., ITT-Levitt home builders, and the...